Forex Chart Analysis - GBP USD Currency Pair

Forex Chart Analysis - GBP USD Currency Pair

Forex Technical Analysis

Last week’s price action on the pounds to dollars pair was indecisive to say the least, and Friday’s candle really summed up the week, ending the trading session as a long legged doji sandwiched between all three moving averages.  Trying to forecast a direction for the currency pair at present using forex technical analysis is extremely difficult at present, as we have no clear directional signals on the daily chart, and with all three moving averages now tightly bunched, these are also providing little in the way of an meaningful forex trading analysis. With trading volumes likely to remain thin, until the beginning of September we may have to wait a while longer before a meaningful trend is established once again as the forex markets return to some degree of normality.

Fundamental Forex Analysis

There is no fundamental news on the economic calendar tomorrow for either Cable or the US dollar, making trading even more of a lottery in these thin markets. My advice for today is to stay out!

You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links.  I have also included details on an excellent ECN broker.